New Record Highs? Bitcoin, NAS100 may follow gold's footsteps

• Gold hits new all-time high, ↑ 35% YTD

• NAS100 less than 1% away from all-time high

• Bitcoin rallies on “Trump trade”, 2% away from all-time high

• Big tech earnings & key US data in focus

• Bloomberg FX model: XAUUSD has 71% of trading within $2712.97 – $2853.72 over next one-week period

In case you missed it, gold touched a fresh all-time high at $2790 this morning!

Prices are up almost 6% month-to-date, pushing its 2024 gains to nearly 35%.

Gold continues to shine on safe-haven demand ahead of the US election with a touch of dollar weakness fuelling upside gains.

And more volatility could be expected this week due to key US data including the Q3 GDP, initial jobless claims and October NFP report.

Although prices are bullish, it is worth noting that:

• Over the past 12 months, the US initial jobless claim has triggered upside moves of as much as 0.7% or declines of 0.5% in a 6-hour window post-release for Gold.

• Over the past year, the US NFP report has triggered upside moves of as much as 0.8% or declines of 1.1% in a 6-hour window post-release for Gold.

Should the incoming data boost risk appetite and push back bets around faster Fed rate cuts, this may pull gold prices lower.

Talking technicals, prices are firmly bullish on the daily charts however the Relative Strength Index (RSI) is above 70 – signalling that prices are overbought.

Key levels of interest can be found at $2850, $2970 and $2710.

Bloomberg’s FX model forecasts a 71% chance that XAUUSD will trade within the $2712.97 – $2853.72 range, using current levels as a base, over the next one-week period.

 

But hold on, these other assets could follow in gold’s footsteps this week…

 

NAS100 waits on big tech earnings

The Nasdaq100 is trading less than 1% away from its all-time high at 20796.

The Index could pop higher when markets open after Alphabet Inc. rallied more than 5% in premarket trading following strong earnings.

If this is not enough for bulls, then positive earnings from Meta platforms, Microsoft, Amazon and Apple may be the catalyst to propel the NAS100 to all-time highs. As highlighted in our week ahead report, these tech giants have a combined market cap of over $12 trillion with hundreds of billions of dollars at stake in the US stock market this week.

Beyond earnings, it will be wise to keep an eye on key US data – especially the US jobs report on Friday.

• Over the past year, the US NFP report has triggered upside moves of as much as 1.2% or declines of 1.1% in a 6-hour window post-release for the NAS100.

Looking at the charts, prices are firmly bullish on the daily charts.

Key levels of interest can be found at 21000, 20796 and the 21-day SMA.

 

Bitcoin bull’s eye fresh all-time highs

Bitcoin surged on Tuesday, climbing as high as $73,638 fuelled by the dubbed “Trump trade”.

Growing bets around Donald Trump winning the race for the White House has boosted appetite for Bitcoin with US exchange traded funds seeing $870 million net inflows.

Given Trump’s pro-crypto stance and vow to make the U.S. the “crypto capital of the planet”, his victory could be seen as a welcome development for the crypto space. This sentiment may keep bulls in the game pushing prices beyond the all-time high at $73,850.

Just like with gold and the NAS100, key US economic data may influence bitcoin’s trajectory – especially if it impacts Fed cut bets.

Looking at the technicals, bitcoin is trading 2% away from its all-time high with bulls in power. However, the Relative Strength Index (RSI) is trading above 70 – signalling that prices are overbought.

Key technical levels can be found at $73,850 and $70,000.

Bitcoin Nasdaq 100 Gold Earnings